Paramount Global’s success in streaming is hurting its bottom line The New York owner of the CBS broadcast network and the Paramount movie studio said that the costs of generating gains in st…
Paramount Global said revenue fell 7% in the period at its traditional TV operations, declining to $5.88 billion compared with approximately $6.3 billion in the year-earlier quarter. Advertising revenue in the sector fell 7% and revenue from affiliate fees was off 4%. The company cited shrinking linear audiences and subscriptions to cable and satellite distributors as some of the factors in the results.
The company saw better results from its film operations, which it has been working to revive after a less robust period. Revenue rose 35% during the quarter, to approximately $936 million, compared with $694 million in the year-earlier quarter, based in part on success at the box office for “Smile” and home-entertainment revenue driven by the smash “Top: Gun: Maverick.”
Activity from streaming was among the most robust. Paramount+ subscribers increased by 9.9 million during the period, bringing the service’s overall subscriber base to nearly 56 million. Revenue from direct-to-consumer businesses like Paramount+ and Pluto rose 30% to nearly $1.4 billion. Even so, Paramount said operating income at the unit decreased by $73 million, “reflecting investments in
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paramount swings to a loss but sees record subscriber growth for Paramount+Shares of Paramount Global Inc. were off about 3% in premarket trading Thursday after the media giant fell a bit shy of revenue expectations for its latest...
Read more »
Paramount Ends 2022 With 77 Million Streaming Subs as Paramount+ Adds 10 Million in Q4Paramount surpassed 77 million streaming subscribers in Q4, adding 10 million to Paramount+ alone to reach nearly 56 million customers for that platform. In comparison, the paid streamer added 4.6 …
Read more »
‘Dungeons & Dragons’ John Francis Daley & Jonathan Goldstein’s GoldDay Inks First Look With Paramount PicturesAhead of the SXSW world premiere and the March 31 opening of Dungeons & Dragons: Honor Among Thieves, Paramount Pictures has closed a multi-year, first look deal with the film’s directors…
Read more »
Showtime axes more than 100 jobs during Paramount restructuring planThe job cuts came the same day that Paramount Media Networks chief Chris McCarthy annouced that the company will consolidate leadership across Showtime and MTV Entertainment Studios.
Read more »
Berlin: Paramount Takes Jay Baruchel Comedy ‘BlackBerry’ for Most of the WorldMatt Johnson's film about the rise and fall of the Canadian smartphone maker will go out on IFC Films in the U.S.
Read more »
The Streaming Purge: Behind The Wave Of Library Content Removals & Its Impact On The Creative CommunityOnly 10 episodes of The Gordita Chronicles were produced before HBO Max canceled the comedy last summer amid a pullback on live-action kids and family programming. But at least creator Claudia Fore…
Read more »